- AUD/USD Risks Further Losses as Bearish RSI Momentum Takes Shape
Daily Change (%)
DJ-FXCM Dollar Index
Non-Farm Productivity (1Q P)
Unit Labor Costs (1Q P)
Fed Chair Janet Yellen Testifies to
Consumer Credit (MAR)
The short-term rebound in the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) may offer a selling opportunity for FX traders as the Federal Open Market Committee (FOMC) remains in no rush to normalize monetary policy.
Despite the balanced tone struck by Fed Chair
As a result, we will look for another lower high in the days ahead as the USDOLLAR retains the bearish trend from earlier this year, and will preserve our approach to 'sell bounces' in the greenback as the cautious tone held by the central bank continues to drag on interest rate expectations.
The greenback advanced against all four components, led by a 0.14 percent drop in the Australian dollar, and the AUD/USD may face a larger decline over the near-term as the bearish RSI momentum takes shape. However, another 8.8K rise in
Nevertheless, the Reserve Bank of
With that said, wewill closely monitor the RSI as the oscillator highlights a lower high in the exchange rate, but we need a break and a close below the 0.9200 handle to adopt a more bearish forecast for the AUD/USD as it continues to hold up as near-term support.